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Home / Business / Commodity prices strike Caterpillar profit, warns low oil will harm ’15
Commodity prices strike Caterpillar profit, warns low oil will harm ’15

Commodity prices strike Caterpillar profit, warns low oil will harm ’15


CHICAGO (Reuters) – Caterpillar Inc (CAT.N) on Tuesday reported reduce quarterly net distinction that missed expectations as reduce prices for copper, spark and iron ore harm mining apparatus orders, and warned a new tumble in oil prices would make for a formidable year in 2015.

The news sent a company’s shares down scarcely 6 percent in premarket trading.

The world’s largest builder of construction and mining apparatus pronounced it expects usually a medium alleviation in a tellurian economy in 2015 and gave an gain opinion for a year next Wall Street estimates. Chief Executive Officer Doug Oberhelman pronounced though a doubt Caterpillar faces a “tough year in 2015.”

“While 2015 will be difficult, a work we’ve finished to urge a cost structure, marketplace position and peculiarity will position us for improved formula when a universe economy and a pivotal industries we offer improve,” Oberhelman added.

The Peoria, Illinois-based association reported fourth-quarter net distinction of $757 million, down scarcely 25 percent from $1.03 billion a year earlier.

Caterpillar reported gain per share of $1.23, compared with $1.54 a year earlier. Analysts approaching $1.55 for a many new quarter.

Revenue totaled $14.24 billion, down from $14.4 billion a year earlier, though above expectations of $14.18 billion.

Caterpillar pronounced it expects full-year 2015 gain per share of $4.60, or $4.75 incompatible restructuring costs. Analysts estimated $6.67 for a year.

In premarket trade Caterpillar shares were down scarcely 8 percent during $79.25.

(Reporting by Nick Carey; Editing by Jeffrey Benkoe)

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